Lagos Budgets N497bn For 2013

The Lagos State Governor, Babatunde Fashola has presented a budget of N497 billion for 2013 services to the state House of Assembly for approval with economic and social sector leading the sectoral allocation.

The state Governor, Fashola said the budget was N5.477billion higher than the N491.8billion budgeted for 2012.

This represents 1.08 percent increase over the previous budget. Fashola disclosed that the budget had a capital expenditure of N268.364 billion and a recurrent increase expenditure of N228.913 billion.

Presenting the budget to the legislature, Fashola said that the capital to recurrent ratio of the budget stood at 54.46 as against 53.47 in 2012, noted that the proposed deficit financing requirement is N40.537billion which is 0.3 percent of the state’s gross domestic product, GDP compared to 1.19 percent in the year 2012.

According to the Governor, the budget is anchored on the following policies: overhead cost, N66.999=2billion, Dedication Expenditure N21.753billion, Subvention N31.892billion, Debt charge (external), N15.938billion and Debt charge (bond) N1.989billion.

The capital Receipts of the budget is estimated at N22.912billion made up of : Grants  N3.000billion, Investment  income, N0.332billion, and other Capital Receipt, N19.580billion Capital expenditure of N268.364billion, consist of core capital, N237.209billion, capital development (dedicated) N19.580 billion, grants, N3,000billion, counterpart funding, N2.500billion, Special Expenditure N5,000billion, Risk retention found, N0.075billion and contingency Reserve, N1.000billion.

On the sectoral breakdown, the budget analysis indicated that Economic Affairs received the lion share of N156.273billion, followed by General Public Service, N114.076billion, Education, N64.343billion, Housing and Community Amenities, N46.149 billion and Health, N42.498billion,while Public Order and Safety  received N18.7990billion, Environmental Protection, N44.131 billion, Recreation culture and Religion, N5.749 billion, Social Protection, N3.259 billion and Contingency N2billion.